Forex brokers in South Africa are going neck to neck to gain more capital and users at the moment. However, the new user is faced with many options to choose from.
This article will explain a few good Forex brokers in South Africa. Hopefully, this article will help you decide and pick a broker that suits your needs.
Table of Contents
Our list
- BD Swiss
- BlackBull
- FP
- Trade Nation
- FX Pro
Let’s take a look at each of these brokers and their trading options so you can pick a broker for yourself.
1. BD Swiss
BD Swiss is an internationally recognized broker. Several professional trading companies use BD Swiss for Forex trading.
Minimum deposit
The minimum deposit limit of BD Swiss is around 100 USD. A 100 USD trading limit is often not suited for completely fresh brokers. However, if you have little knowledge, you are coming from a different broker. You will be fine with BD Swiss.
Leverage
We recommend our traders look at the leverage rates because even though high leverage rates are attractive, they can be extremely risky for new traders. BD swiss offers moderate leverage rates at around 1:30 to 1:500.
Trading platform
We expect nothing less from one of the top brokers in South Africa, the MT4 trading platform. BD Swiss operates on an industry-leading safe and secure platform. BD Swiss is already upgrading its system to the MT5 platform for additional functionality and security.
2. BlackBull
BlackBull is not a very popular broker. However, let’s take a look at why we added it to our list.
Minimum deposit
The minimum deposit amount of BD Swiss is 200 USD. This is good for professional and premium brokers who wish to have that exclusiveness about their broker.
Leverage
The leverage amount of BlackBull is at 1:500. This is the average leverage rate across all Forex trading brokers.
Trading platform
Blackbull runs on the standard MT4 platform. Their system is recently upgraded to the MT5 platform.
3. FP Markets
FP is not among the top reviewed or popular brokers in South Africa. However, it does the job efficiently for traders.
Minimum Deposit
The minimum deposit amount limit with FP markets is 100 USD.
Leverage
Leverage rates of FP markets are at 1:30. Along with the tighter spreads offered by FP Markets, institutional traders appreciate this broker.
Trading platform
This broker runs on IRESS. MT5 and MT4 are also supported with FP markets.
Frequently asked questions
Can a broker change the leverage rates after my sign-up?
Technically a broker can update its leverage rates, but authorities closely monitor brokers, and it is highly unlikely that a broker does it.
Are Forex brokers in South Africa legitimate?
Yes, there is a misconception that international brokers are better. However, South African citizens should trade with Locally based brokers.
Final word
Forex brokers in South Africa offer competitive rates and trading options. You can choose a broker that suits your needs easily.